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Everything You Need to Know About Total Loss Appraisal New York

Everything You Need to Know About Total Loss Appraisal New York

Do you have car insurance? If your answer is ‘yes’, do you assume your insurance company will pay for all damages caused to your car during an accident? Are you familiar with the phrase “total loss”? What will you do if the insurance company declares your car a total loss? Stay tuned till the end to know all about total loss appraisal New York.

As per the U.S. News and World Report, New York ranks 4th in the list of the most accident-prone cities in the U.S. According to the accident statistics in New York, 97,059 car accidents took place in the city in 2021. Because of COVID-19, this number was far less than 2019’s number which was 134,224. So, it is important to know about total loss appraisal to be prepared for the worst. In NYC, the total loss threshold is 75%. In New York State, a car is declared a total loss when the repair cost along with the salvage value is 75% of the car’s actual value in cash.

After any car accident, the insurance company checks the vehicle. Based on the severity of the vehicle’s damage and the repair costs, the insurance company takes a decision. The company declares the car a total loss when it is impossible to repair it, or the repair amount is too high.

Actual Total Loss Appraisal New York

total loss appraiser

Total loss or actual total loss is the type of loss that takes place when an insured vehicle is damaged or destroyed in such a manner that it can neither be repaired nor recovered for further use. In such a situation, the owner is left with no alternative but to arrive at a settlement as per the terms stated in the insurance policy.

Understand Actual Total Loss Appraisal

Accidents are sudden and nobody can predict the damages. Sometimes, cars covered by insurance can get damaged or destroyed so severely that it becomes impossible to restore it to its original form and continue using them. This type of incident can occur due to theft, accident, or natural disaster. What happens in such a scenario? The insured person must qualify to get a payout from his insurance company for the vehicle’s insured value.

The difference between a constructive total loss and an actual total loss appraisal

Actual total loss and constructive total loss are two different things. When a car is only partly damaged and repair work can be done, it is called constructive loss. Actual total loss, on the other hand, means that the vehicle is beyond fixing and thus, unusable. When that happens, the insurance company deems that the repair cost will surpass the current value of the car. So, instead of wasting time and money trying to fix it, the insurance agency might offer a payout based on the car’s insured value.

How do insurance companies determine the total loss price?

Insurance companies follow a standard procedure to calculate the total loss. The term a vehicle a total loss only when the cost of fixing it appears to exceed 75% of the IDV (Insured Declared Value).

What to do when the insurance company says your vehicle is a total loss vehicle?

Has your insurance company stated that your vehicle is a total loss? Are you upset with the settlement offered by the company? Here’s what you can do.

The total loss valuation provided by insurance companies can be inaccurate. If they commit an error in doing the valuation, as a consumer you wouldn’t be able to detect it. As you are unfamiliar with the insurance industry’s process of deciding a total value of a car, the insurance company might take advantage of that. This is where total loss appraisal services come to your rescue.

You can challenge the settlement offer prior to the total loss appraisal

As the owner of the vehicle, you have the right to dispute the total loss settlement amount offered by the insurance company. But do you possess the industry knowledge and necessary documentation to convince the company to revise the settlement offer?

Why opt for total loss appraisal?

A professional appraiser has the knowledge and expertise to determine the total value of a vehicle appropriately. This is the reason why people hire independent appraisers to negotiate the settlement with the insurance company.

How does total loss appraisal in New York work?

A total loss appraisal service is just what you need to maximize the insurance settlement. Here’s how a reputable car appraisal company performs the job:

  • Initiate the process by requesting your free claim review
  • Submit a copy of the total loss price report shared by the insurance company along with your application form
  • Within a day or two, you can expect a response from the auto appraisal company. You will get a detailed review of the report submitted by your insurance company. This will give you an idea about the fairness of the settlement offer.

Going through the free claim review will let you know in advance if the extra amount you can recover will be more than the cost of the appraisal service provided by the car appraisal company. After that, you can decide if you want to buy the total cost appraisal to maximize the claim from the insurance company.

Advantages of Total Loss Appraisal New York

If the claim reviews reveal that the insurance agency’s initial offer fails to reflect the totaled car’s actual value, you can look for totaled loss appraisal service in your city. The service would include:

  • A customized and detailed total loss appraisal supported by relevant documentation that will legitimize your claim and help you increase the settlement amount
  • Constant support throughout the process of negotiation as well as recovery. You will require the guidance and advice of the car appraisal company to respond to challenges and queries from your insurance company
  • An ideal insurance policy is supposed to have an appraisal clause that gives you the freedom to hire an independent appraiser of your choice. Your appraiser will represent you and try his best to improve the total loss settlement.

Why partner with a reputable company for total loss appraisal?

It is necessary to research well and choose a car appraisal company that has experience and a good reputation. The best way of finding that out is by visiting their official website. Once you go through the client testimonials, you will know for sure if they are worth your money and time. If the previous customers say that they got the desired value after reaching out to the car appraisal agency, you can be certain that the total loss settlement will exceed the service cost.

Doing this research is important because all leading auto appraisal companies do a fantastic job of maximizing the total loss settlement price. They also offer a range of other services like car appraisal at the time of reselling a used car.

Quick tips for determining total loss accurately

How auto appraisal services determine whether the valuation of a car involved in a natural disaster or accident reaches the total loss threshold varies widely from state to state. So, you should have a good understanding of the total loss criteria in your state for a proper valuation.

Follow these simple steps to make sure you get what your car is worth:

  1. Immediate inspection
    Getting the car inspected as soon as the accident takes place is crucial to know for sure if it will be a total loss or not. Sometimes the insurance company takes the vehicle to a shop and tears it down to find out the hidden damages. This may further push your car over into the status of total loss. Timing is an important factor and saving time will result in less storage fees and less downtime.
  1. Accurate reports
    Reports will tell if the car is salvaged with a salvage title or rebuilt title. So, gathering all documentation and evidence (like car maintenance records) is of utmost importance. Using state-approved reports are most reliable as they aim to provide accurate data.
  1. Ask the insurance company to give the offer in writing
    You have the legal right to ask your insurance company to provide documentation explaining how they arrived at the value they are offering you.
  1. Get the settlement
    Once you are confident about your totaled car’s most accurate value revealed by the car appraisal company in your neighborhood, it is time to have a discussion with the insurance company. As you are now aware of the seriousness of your car’s damage and the amount you can recover, it becomes easy for you to bargain.

Wrapping Up

Understanding what total loss is will keep you prepared for an unfortunate situation in which the insurance company might say your car is a total loss. If you take the extra steps to hire a trustworthy car appraiser, you will be in a position to claim more money from the insurance company.

Everything You Need to Know About Total Loss Appraisal New York

Daniel “Dan” Jendrowski

Certified Public Auto Appraiser Diminish Value Experts B.C.A.A. & I.A.C.P.

For FREE Consultation with an expert Total Loss Appraiser, call


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